Risk Management 27-28

Climate‑related risks are identified, assessed and monitored in accordance with the AMP's Risk Management Framework (RMF) which includes the Risk Management Strategy (RMS) and Risk Appetite Statement (RAS) that guide consistent risk oversight across the organisation.

Integration with overall risk management

Enterprise Risk Management Framework

QBE's Risk Management Strategy (RMS) enables the achievement of QBE's strategic agenda and business objectives by articulating the fundamental principles for managing risk, which apply to all levels of the organisation. We undertake ongoing monitoring of the effectiveness of the RMS and an annual audit review to assess compliance and effectiveness. QBE's Enterprise Risk Management (ERM) Framework is part of the RMS. It describes our approach to managing risk effectively and supports our strategy and fundamental principles.

Risk governance integration

Executive Risk Committee (ERC)

Oversees the integration of ESG risk into the Group's risk management framework. Responsibilities include the review of key enterprise risks and oversight of management strategies and treatment plans. Chair: Group Chief Risk Officer

Group Chief Risk Officer responsibilities

Responsible for evaluating the effectiveness and adequacy of the identification and management of risks across the Group, including those arising from climate change. Chairs the Executive Risk Committee.

Top risk integration

Climate change is formally integrated into QBE's top risk process, which is designed to ensure that the most significant threats to the Group's strategic objectives are identified, assessed, and managed proactively. The Group Top Risk Profile underpins key risk management activities, including stress and scenario analysis. Management actions are tracked and reported, with oversight from dedicated risk committees and forums.

Risk committee oversight

Risk & Capital Committee

In 2025, the Risk & Capital Committee considered the risks to QBE associated with climate change, including an outline of the Group's climate scenario analysis and management actions in relation to physical and transition risks.

Business planning integration

In the short term, the potential impacts of physical risks are incorporated into the Group's business planning process, supported by catastrophe modelling and underwriting analysis, which inform the Group's underwriting and reinsurance strategy, as well as the calibration of the catastrophe allowance within the business plan.

Integration with Overall Risk Management

Santos Management System Integration: The Santos Management System (SMS) applies to all of Santos' people and establishes the requirements for how Santos does business across the assets and functional support teams. Climate-related risks are integrated into this comprehensive management system.

Enterprise Risk Framework: Climate-related risks are managed within Santos' broader enterprise risk framework. At Santos, we refer to enterprise risks as those risks which could materially impact the Company's ability to achieve its Purpose, Vision and Strategy.

Board-Level Integration: The Board has ultimate responsibility for the approval and oversight of strategy, including our approach to sustainability. The Charters for the Board and each Committee formally outline the responsibilities of each body in respect of sustainability (as applicable), including the monitoring and review of risks.

Committee Structure:

• Safety and Sustainability Committee: Provides oversight of climate-related risks, meeting four times per year
• Cross-Committee Communication: Cross-memberships between committees support communication of sustainability-related matters

Executive Management Integration:

• Executive Leadership Team: Tracks delivery against climate plans and goals as part of broader business performance monitoring
• Cross-Functional Communication: Climate issues addressed through meetings across business groups
• SMS Conformance: Climate-related activities managed under Santos Management System requirements

Risk Assessment Integration: Climate risks are assessed using the same materiality framework applied to all enterprise risks, considering severity, likelihood, scale, scope and potential consequence of impacts.

Climate-related risks and opportunities are embedded within the Company's strategic plan and Enterprise Risk Management (ERM) Framework. The Board's role is to ensure that the Company's strategic initiatives reflect these principles and address material climate-related risks and opportunities.

The ARC is responsible for overseeing and reviewing the Company's ERM Framework, including its strategies, policies, procedures and systems for managing risk and their effectiveness.

The ARC oversees the implementation and effectiveness of the ERM Framework and related Group risk registers. The ARC performs a formal six-monthly review of the Group risk registers, which incorporate climate-related risks.

Controls and procedures for measuring the Group's GHG emissions and tracking progress against climate strategies are embedded with the ERM Framework and integrated across the business.

The Executive Leadership Team (ELT) and senior management are central in implementing the Company's governance framework. Their responsibilities also include implementing and monitoring controls and risk management procedures, managing climate-related risks, opportunities, targets and strategies and tracking progress against those strategies.

Various internal functions are responsible for the day-to-day management of climate-related risks and opportunities. These functions include customer-facing, operational and strategically focused teams including Strategy, Sustainability, Decarbonisation and Future Fuels, Carbon Solutions, Legal, Finance, Procurement, and Supply and Technical teams.

The Sustainability team is responsible for the continual update of the Company's climate-related risk and opportunity register, with input from subject matter experts throughout the business. Additional oversight of the register is facilitated by the CEO, Chief Financial Officer (CFO), and the Chief Strategy Officer.